1. Where real estate is acquired under either section 473.277 or 473.280, the conveyance thereof shall be made to the executor or administrator who holds it in trust for the same persons, whether creditors, heirs or legatees, who would be entitled to the proceeds of the mortgage if the premises had been redeemed; but if it appears to the court that the property is not required for the payment of debts, legacies or family allowances, the court shall direct that the deed be made so as to effect a conveyance to the heirs or devisees of the decedent.

2. Any real estate acquired by an executor or administrator under section 473.277 or 473.280 constitutes assets in his hands, and shall be administered and accounted for as such, and may be leased or sold for the payment of debts in the same manner as any real estate of which the decedent died seized, but the sale thereof shall be made upon the order of the court and upon the petition filed as provided for by law in other cases.